India Nudges BIMSTEC To Move Closer
The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a significant forum for promoting regional development, connectivity, and economic progress in the Bay of Bengal region over the past decade. Its sixth Summit, in which heads of governments of the member countries – India, Bhutan, Bangladesh, Myanmar, Thailand, Nepal, Sri Lanka – participated in Bangkok on Friday, addressed issues that impinge on the future and togetherness of 21% of the world’s population - 1.73 billion with a combined gross domestic product of $5.2 trillion. The summit with the theme of “Prosperous, Resilient, and Open BIMSTEC” turned a big success as it witnessed the historic signing of BIMSTEC Maritime Transport Agreement which can greatly enhance regional connectivity and trade. Welcoming the pact, PM Narendra Modi proposed to establish a Sustainable Maritime Transport Centre in India. Known for his proactive outreach, Modi reaffirmed India’s firm resolve to boost cooperation across diverse sectors for a positive difference in people’s lives. In his address, he fervently called for strengthening regional cooperation through BIMSTEC.
It may be recalled that since its rollout in 2014, the Act East Policy of India has been focussing on both economic and security ties with the countries in the Bay of Bengal region, as they are vital for ensuring maritime security, energy trade routes, and maintaining balance in the Indo-Pacific. The summit took place amid political tensions in Bangladesh, Myanmar and Nepal, and afforded a crucial chance to India to clear any misgivings about India.
The Modi government has taken a keen interest in promoting integration of economic interests by way of expanding bilateral trade and investments in the East Asian countries. India wants BIMSTEC members to come closer to strengthen regional ties, enhance economic growth, and address common challenges with neighbours. PM Modi stressed BIMSTEC’s potential role to act as a bridge between South Asia and South East Asia.
India is taking keen interest in promoting appreciation and respect of one another’s geosecurity concerns. It is particularly focused on BIMSTEC as SAARC progress is stymied due to its tensions with Pakistan. In the case of BIMSTEC, India has the advantage of age-old existence of cultural exchanges and people-to-people connections with all the member-countries. In a bid to cement this relationship, India is promoting infrastructure development.
The India-Myanmar-Thailand Trilateral Highway aligns broader geopolitical and economic goals for India. It can facilitate movement of goods, reduce transportation costs, and enhance access to markets in Southeast Asia for Indian businesses. This was particularly pointed out by India’s external affairs minister S Jaishankar, in an oblique reference to Bangla’s Yunus who talked of India’s land-locked North-East and wooed China. The Highway will make India’s North-East a connectivity hub for the BIMSTEC, open access to India’s longest coastline (6,500 km) in the Bay Bengal.
China’s growing influence in the region loomed on the summit, particularly after Bangladesh’s caretaker head Md Yunus’ outreach to Beijing. PM Modi met with all his counterparts, including Yunus, and reiterated India’s commitment to strong ties and mutual development.
In its latest outreach, India has offered to link its UPI with payment systems of BIMSTEC nations, and suggested conducting a pilot study to understand the specific needs of member nations in as regards digital public infrastructure. It also came forward to set up BIMSTEC Chamber of Commerce to organise business summits and promote trade in local currencies. India also offered to hold the first summits of the regional Home Ministers Mechanism this year to address cybercrimes, terrorism, and drug and human trafficking. India is already actively aiding sustainability and disaster management efforts, in view of the region’s vulnerability to natural disasters.
